The Strategy Session
From the Trading Desk at Stipelis
Wednesday, January 28, 2026
Markets Test New Levels
Global markets moved with a steady but cautious tone as futures traders balanced firm economic signals with shifting cross-asset trends. The Federal Reserve held interest rates steady, reinforcing the view that policy will remain data driven. U.S. Treasury futures slipped modestly, pushing yields slightly higher as investors priced in stable growth and fewer near-term policy changes.
U.S. stock index futures remained near record territory. S&P 500 and Nasdaq futures pushed higher intraday before leveling off, signaling strong momentum but growing selectivity. Small-cap futures lagged, suggesting investors continue to favor large, liquid markets over higher-risk segments. Volatility stayed contained, reflecting confidence but not complacency.
Commodities remained a central driver. Gold futures surged to fresh record highs, extending a powerful trend supported by a softer dollar, global uncertainty, and steady central bank demand. The metals complex showed mixed performance, but gold continued to dominate flows as investors sought balance against financial risk.
Energy futures reacted sharply to U.S. weather disruptions. Crude oil climbed as winter storms slowed production and exports, tightening short-term supply expectations. Natural gas futures pulled back after recent gains, as traders adjusted positions following extreme volatility earlier in the month. The broader energy index remains one of the strongest performers year to date.
Foreign exchange markets reflected global caution. The U.S. dollar stabilized after recent declines, while the Swiss franc strengthened as a safe-haven currency. The euro remained under pressure amid growth concerns, and discussions around potential FX coordination added uncertainty. Yen trading stayed sensitive to interest rate differentials and policy expectations.
International interest rate markets were mostly steady, with global bond futures showing limited follow-through. Investors continue to watch inflation data and labor trends for clues on policy timing. With futures across equities, commodities, and FX all near key levels, markets appear balanced but alert.
Stipelis Global Trading LLC is registered with the Commodity Futures Trading Commission and is a member of the National Futures Association.
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The opinions expressed are those of Stipelis Global Trading LLC and are considered market commentary. They are not intended to act as investment recommendations. Individuals should make investment decisions based on their own analysis and with direct consultation with a financial advisor.
THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.
Stephen Coleman-Commodity Trading Advisor